AllDay to raise up to P6 billion from IPO

MANILA, Philippines — Tycoon Manuel Villar Jr., the country’s richest man, will list yet another company in the stock market.

Villar-owned AllDay Marts Inc. yesterday filed its application for an initial public offering to raise up to P6 billion. The primary offer involves up to 6.85 billion common shares with an over-allotment option of up to 685.7 million common shares, priced at up to P0.80 per share.

AllDay, a supermarket operator with 33 stores across the country as of end-June, will use proceeds from the IPO for debt repayment and capital expenditures for store network expansion.

From 2018 to 2020, AllDay’s sales jumped from P3 billion to P7.9 billion, translating to a compound annual growth rate (CAGR) of 61.4 percent.  Its net profit during the same period almost quadrupled, growing at a CAGR of 94.9 percent to reach P219.6 million in 2020.

For the first six months of the year, sales reached P4.5 billion, resulting in a net profit of P179.6 million,

The company intends to hit 45 stores by 2022 and 100 branches by the end of 2026.

“We believe this is irrefutable proof of concept for our elevated supermarket experience. Our consistent year on year growth since 2017 shows that our world-class stores, brought even closer to established communities, resonate with the upgraded tastes and purchasing power of the Filipino people at large,” said Villar, chairman of AllValue, AllDay’s parent company.

Camille Villar, AllValue president, said AllDay’s growth is a product of the company’s propensity to innovate and remain on the cutting edge of retail consumer trends.

“Through our elevated in-store experience, comprehensive product offering, a special focus on international goods, and now, a strong push for digital transformation towards e-commerce, we are confident in our ability to post even better results moving forward,” she said.

All Day Supermarket continues to expand nationwide.

The company is targeting to list on Nov.3, according to its IPO application.

Sought for comment, analysts said retail investors, hungry for an IPO, may pounce on the AllDay deal because of its below P1 offer price.

Other Villar companies listed at the stock exchange are Vista Land & Lifescapes Inc., Golden Haven, Vista Malls and All Home. There are also plans to list a real estate investment trust (REIT).